Bitcoin (BTC) has been plagued with mixed signals for a good deal of time now. Although it has been slowly climbing higher, the lower-$11,000 area appears to be a very aggressive resistance zone.

The intensity of selling pressure it garners in this area indicates that bulls may not be dominating as once believed. This could mean that BTC could be on the brink of another major decline.

However, despite the lingering weakness, the current holdings of whales paint a different picture for the near-term possibility of the benchmark cryptocurrency.

Recent data from a crypto analytics firm, CryptoQuant, shows that whales are firmly holding on to their positions despite several rejections from the $11k level. The CEO of the firm made this announcement via Twitter, explaining that the Exchange Whale Ratio has now reached a fresh yearly low, keeping in mind that lower whale selling bolsters Bitcoin.

If this trend continues, it could indicate that there would be less macro selling pressure, which could help its bullish prospects in the coming days and weeks.

Key BTC Levels to Watch

At press time, Bitcoin is trading lower around $10,860. It has been trading in a tight range between $11,050 and $10,700 for about three sessions now. As mentioned earlier, bulls have failed multiple times to clear the $11k resistance despite backing by whales. Every attempt has been met with strong selling pressure, which drives the price lower.

Meanwhile, bulls have likewise kept Bitcoin from falling below $10,800. However, a fall below that level will likely be supported strongly by the confluence of indicators below (ascending trendline and 50 SMA) at $10,600.

Total market capital: $350 billion

Bitcoin market capital: $201 billion

Bitcoin dominance: 57.4%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

The open interest of Bitcoin (BTC) has been observed to be growing once again, indicating that a possible large price movement is brewing.

Over the last 24 hours, the cryptocurrency fell by more than 2%from $11,100 to $10,900, where it is currently lingering around. The $11,100 was a much-talked-about level by analysts and it is interesting to see how BTC was cleanly rejected from that line.

Meanwhile, the recent volatility spike in Bitcoin coincides with the upcoming expiration of about 77,000 BTC options contracts. According to reports, the BTC options open interest is currently hovering above 134,000 contracts.

Historically, September appears to be a very slow month for the cryptocurrency when it comes to volatility. That said, the high level of options open interest implies that a surge in volatility in October is very likely.

Whether that volatility would cause a significant drawdown or will help Bitcoin record higher YTD numbers remains largely uncertain. However, if Bitcoin goes according to past performance, we’re likely to see a new all-time high in about 15 months after its recent halving.

In the near-term, Bitcoin could remain trapped between $9,000 and $12,000, as the accumulation phase continues.

Meanwhile, the September options expiration, which occurs on the last Friday of every month, Bitcoin will confirm a directional bias.

Key BTC Levels to Watch

Bitcoin remains in a struggle to claim the $11,000-200 zone in the near-term. However, it appears to be running out of steam to help keep it above the $10,800 support line. If a fall should occur, it is unclear how far BTC is likely to fall, however, the $10,500 pivot area seems like a good place to start.

Meanwhile, Bitcoin has begun a descent from centering into overbought territory, indicating that this decline could be drawn-out.

On the flip side, BTC has to break above the $11,200 mark to confirm a bullish bias.

Total market capital: $353 billion

Bitcoin market capital: $202 billion

Bitcoin dominance: 57%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Bitcoin (BTC) has broken a key resistance despite weakness across other altcoins. After bottoming out at $9,800 last week, the cryptocurrency has grown by more than $1,000 as it now trades at $11,027 at press time. This surge was likely a ripple-effect from MicroStrategy’s 10,000 BTC purchase.

However, many traders fear that this goodish bounce may come to an end soon. Analysts have set their eyes on the $11,200 resistance as the potential area where Bitcoin could come under selling pressure.

Meanwhile, this doesn’t affect the long-term fundamentals of BTC, which many revered commentators believe is positive.

One analyst has pointed out that BTC is currently forming a pattern structurally identical to the crash in March. If history repeats itself, then we could see a significant descent from the $11,200 resistance level.

However, whatever the fate of Bitcoin might be in the near-term, most analysts believe that Bitcoin’s long-term upside bias will remain intact.

Key BTC Levels to Watch

BTC has finally broken above the $11,000 psychological line. However, it appears that the cryptocurrency lacks the momentum to climb higher in the near-term.

Considering the expectations of analysts for BTC in the near-term, we could see a slight reversal to the mid-$10,000 level. This sentiment is further bolstered by the fact that Bitcoin has just entered overbought conditions on our MACD indicator.

However, if Bitcoin manages to record a clean break above $11,200, we could see the benchmark cryptocurrency climb to the $11,650 supply level.

Total market capital: $350.6 billion

Bitcoin market capital: $204 billion

Bitcoin dominance: 58.2%

Luck has found Bitcoin (BTC) as it finally breaks above the $10,580 range top and is now marching towards the $11,000 psychological line.

The surge was likely sponsored by an influx of about $12 billion into the cryptocurrency market during the earlier hours of today. This investment influx has lifted the entire crypto market out of depression and has helped BTC clear several key resistance levels.

While this appears to be a very positive development, many traders are skeptical that this could be yet another ploy by whales to cashout on small traders, adding that BTC could reverse sharply once it enters overbought conditions.

Key BTC Levels to Watch

Following the recent rally, Bitcoin is now trading within the $10,800-500 pivot zone and back above the mini-trendline. This puts it in an excellent position for bulls to attempt a second leg up towards $11k. A break above the key psychological level could send the cryptocurrency above the $11,200 level and restore its original bullishness.

However, bulls will have to be cautious and not get blindsided as the $9,600 CME gap remains open. If this bull run turns out to be another whale “heist,” we could see a sharp decline to the previous low areas.

As mentioned earlier, traders will be looking to see how Bitcoin reacts when it enters overbought conditions above 115.60 on the MACD indicator.

Total market capital: $349billion

Bitcoin market capital: $198 billion

Bitcoin dominance: 56.7%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Bitcoin (BTC) remained in a directionless fit today, although appeared to be inching ever so closely to the upside. Records show that about $11 billion has flooded back into the global crypto market over the past 48 hours.

A large percentage of this influx of investment comes from the recent pickup in Ethereum (ETH), which is currently the best-performing cryptocurrency among the top 10 largest cryptos by market cap.

Based on a recent report from Skew, a crypto analytics firm, there have been significant gains in ETH futures trading volume compared to BTC, as ETH currently accounts for 46% of Huobi’s derivatives volume and BTC coming behind with 36%.

This positive momentum is largely driven by the DeFi market, which is still considered as a hot investment by the crypto community.

Meanwhile, some analysts believe that the benchmark cryptocurrency is set to see further highs in the near-term courtesy of the equities market. They believe that the recent stock market drop was stimulated by Bitcoin’s decline from its recent highs around $12,400.

That said, the equities markets have begun a recovery from its recent fall, suggesting that Bitcoin could get a modest boost in the short-term as well.

Key BTC Levels to Watch

Bitcoin appears to be picking up new bullish momentum after its last drop to the $9,900 area. Over the past 48 hours, the crypto has been steadily recording higher lows, while recording slightly higher highs. This is an indication that a bull rally could be imminent.

BTC is likely going to make another attempt to break into the $10,500 pivot zone, where it can get a further boost to the $11,000 region.

On the flip side, any drop from this level will immediately be supported by the 21-day SMA around 10,220. Further declines from that level will be strongly supported by the lasting $10,000 psychological level.

Total market capital: $337 billion

Bitcoin market capital: $190 billion

Bitcoin dominance: 56.3%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results